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tax Advice Archive

Losing Interest: Delayed IRS Assessments

TweetShareSharePin0 Shares Over the last two years I cannot count the number of times I’ve had to give extraordinarily unsatisfying advice to my clients. That advice being, “please wait.” Wait for the IRS to process your return. Wait for the refund to be issued. Wait for your Collection Due Process hearing. Of course, waiting can

Treasury equity action plan reports progress

TweetShareSharePin0 Shares While the individual income tax filing season ended Monday, Treasury and the IRS will continue gathering feedback as part of efforts over the past year and looking ahead to make the tax system more equitable and fair, according to Treasury’s Equity Action Plan: One Year Progress Report released last week. The report documents

SALT cap challenge is denied Supreme Court review

TweetShareSharePin0 Shares The U.S. Supreme Court declined Monday to review an appellate case that upheld the $10,000 limit on the amount of state and local taxes (SALT) that can be claimed as a deduction on individual federal income tax returns. The Court’s order list included a denial of certiorari for New York v. Yellen, No.

Dial, redial, repeat

TweetShareSharePin0 Shares We welcome back guest blogger Barbara Heggie. Barb is the supervising attorney for the Low-Income Taxpayer Project of 603 Legal Aid in Concord, New Hampshire.  Her clinic serves taxpayers through the Granite State and is the only LITC in the state.  Today, she describes a recent experience in trying to assist a client. 

IRS’s FATCA enforcement fell short, TIGTA says

TweetShareSharePin0 Shares When Congress passed the Foreign Account Tax Compliance Act (FATCA) (as part of the Hiring Incentives to Restore Employment Act, P.L. 111-147) in 2010, the Joint Committee on Taxation estimated it would bring in $8.7 billion in revenues in the next 10 years. To that end, the IRS drafted an ambitious, agencywide FATCA

More Schedule K-2 and K-3 FAQs posted

TweetShareSharePin0 Shares News PARTNERS & PARTNERSHIPS By Paul Bonner The IRS has added eight new questions and answers to its website’s frequently asked questions (FAQs) on Schedules K-2 and K-3, clarifying that affected partnerships and S corporations need complete only the forms’ relevant portions and addressing an array of special circumstances. The new material
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